UniCredit plans to promote the development of digital assets through cryptocurrency custody and brok

UniCredit explores expansion of its digital asset business to provide clients with custody, brokerage and stablecoin services

UniCredit is embarking on an expansion plan for its digital asset business, which is expected to give clients access to crypto asset custody, brokerage trading, tokenized investments and stablecoin services. It is reported that the bank is screening a technology provider to build infrastructure to support digital asset custody and brokerage services.

Currently, banks are considering introducing tokenized investment products, fixed income securities, stablecoin services, and multiple ways to help customers gain exposure to cryptocurrencies. Previously, UniCredit had provided professional clients with a product linked to the BlackRock Bitcoin ETF and issued tokenized minibonds on the public blockchain. In addition, the bank is a member of Qivalis, a European banking union preparing to launch euro-denominated stablecoins.

Infrastructure selection is in its early stages

According to people familiar with the matter, the Italian bank is selecting a technology provider to provide the underlying infrastructure needed to hold digital assets and support their trading. Although discussions are still at an early stage and a final decision has not yet been made, this work will allow UniCredit to move beyond the previous single cryptocurrency-pegged product, which was only available to professional investors, and provide it with a broader set of digital asset service technical capabilities.

Potential application scenarios include tokenized investment products and fixed income securities. UniCredit is studying how to use new infrastructure to allow customers to use stablecoins and indirectly participate in the cryptocurrency market. A UniCredit spokesperson declined to comment on the matter.

Transformation from a single product to a comprehensive platform

The proposed technology provider will provide UniCredit with the systems needed to host digital assets and facilitate transactions, building an underlying architecture that can support multiple products rather than a single investment solution. Specific service items have not yet been finalized, and banks may adjust or abandon some plans while discussions continue.

UniCredit has previously tested cryptocurrency exposure through traditional investment products. In July 2025, the bank launched a structured product linked to IBIT for professional customers in Italy. The five-year, dollar-denominated investment certificate is linked to BlackRock's iShares Bitcoin Trust ETF and provides full principal protection at maturity. It enables eligible customers to participate in bitcoin-related gains without directly holding cryptocurrency.

To date, UniCredit's digital asset activity has focused primarily on professional investors and corporate clients. Building custody and brokerage technology could open up a new avenue for the lender to offer digital assets through existing banking operations.

Blockchain Security and Stablecoin Strategy

The bank takes a similar approach with regard to blockchain-based securities. At the end of last year, UniCredit issued Italy's first tokenized mini bond on the public blockchain, using blockchain technology to issue and transfer traditional financial instruments. The latest discussions cover possible application areas for tokenized fixed income securities as new infrastructure.

stablecoins are also an important part of UniCredit's digital asset strategy. Through Qivalis, an Amsterdam company of European banks that aims to develop euro-denominated stablecoins, the bank has included stablecoins in its strategic landscape. The project initially brought together 10 banks including UniCredit, BNP Paribas, ING, Banca Sella, KBC, DekaBank, Danish Bank, SEB, CaixaBank and UniCredit. Qivalis plans to launch the token in the second half of 2026 after receiving regulatory approval. Since then, its membership has expanded rapidly. In May this year, with the addition of 25 institutions including ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo, Qivalis's membership has expanded to 37 banks from 15 European countries.

Qivalis plans to operate as an electronic money institution under the supervision of the Dutch Central Bank. The group is seeking to issue a token that complies with MiCA regulations and maintains full 1:1 support with the euro, and its first application scenarios will focus on institutional clearing, treasury operations and tokenized assets. In April, the banking group selected Fireblocks as the infrastructure backer of its planned tokens. Fireblocks will provide tokenization technology, wallet infrastructure, lifecycle management tools, and identity verification and sanctions screening systems.

According to people familiar with the matter, UniCredit's separate technology search may cover the use of stablecoins by its own customers. Details on how these services will operate or how they will connect to Qivalis have not yet been finalized.

Opportunities and challenges under the MiCA regulation

These plans are being carefully considered as European banks increase cooperation with cryptoassets, tokenized securities and blockchain-based settlements under the framework of the EU Cryptographic Asset Markets Regulation (MiCA). MiCA has established a unified regulatory framework for crypto asset service providers and stablecoin issuers within this block, replacing the previous system with varying market needs among countries.

Since then, many banks have entered areas such as custody, trading and stablecoin infrastructure. Banca Sella of Italy, also a member of Qivalis, has obtained approval from the Bank of Italy to provide crypto asset custody and transfer services through MiCA's notification channel to credit institutions.

The relationship between banks and stablecoin issuers also raises its own regulatory issues. Elena Carletti, vice chairman and chair of UniCredit's board of directors 'risk committee, warned in May that Europe may face difficulties in responding to pressure involving cryptocurrency-linked bank deposits. Carletti cited the 2023 Silicon Valley bank collapse, when Circle disclosed that $3.3 billion in reserves used to support USDC were in the hands of the failed bank. She said that with the EU deposit insurance cap of 100,000 euros, European authorities may not have enough options to provide similar protection.

Her comments come as UniCredit is participating in the Qivalis stablecoin project and European lenders are preparing regulated blockchain-based payment and settlement services under MiCA. Qivalis's planned tokens are still scheduled to be launched in the second half of 2026, subject to authorization from the Dutch Central Bank.

Expand digital capital markets business

In addition to cryptocurrency products, UniCredit has been developing other businesses in its digital capital markets. This week, the bank announced it had acquired a minority stake in German lending market platform VCTrade. The investment aims to expand UniCredit's capabilities in digital capital markets. Its technology search will add another piece of the puzzle to the work by creating infrastructure that can directly hold and trade digital assets.

As of now, the bank has not disclosed which technology providers it is considering, the amount of potential spending on the project, and when a supplier may be selected. A decision on whether UniCredit will ultimately provide crypto brokerage, custody, stablecoin services or tokenized securities through the system is still under discussion.